That I do not know. In your opinion, what is the best way to get started trading, what type of training should a person get first. I will get back to you later, thanks for all the answers.
Do not attempt daytrading stocks unless you can sit down for the first 2 hours of the US open..have at least $35k to put into an account..and do not need the money you are using to trade to live on! Next option...for someone working in a "normal" job..have about $5k to $10k spare..is to start swing trading first.. totally different approach but with the same strict risk control. In the meantime..pull up any stock you like on the weekly chart and mark in the major support and resistance lines..that is your first task..better again..make a list of all stocks in the Dow 30 and write down the major S&R line levels for them all..hint..use Excel..it makes life an awful lot easier when dealing with numbers
Tell all the Truth but tell it slant -- Success in Circuit lies Too bright for our infirm Delight The Truth's superb surprise As Lightning to the Children eased With explanation kind The Truth must dazzle gradually Or every man be blind --
I recommend you start with your local library and check out all the available trading/investing books available as well as online docs. Why spend anything when so much free knowledge is available? Next, read up on the success/failure rates of professional and retail investors/traders. You will see a very high failure rate and most of the "pros" more often failing to even match the returns of index funds. That should tell you that this is a hard business to learn/master and any program/plan marketed as easy or simple is likely worthless. The true "easiest" way to invest is to just buy into an index fund and you will beat most of the so called pros. The truth is barring being related or good friends with someone that actually knows how to invest/trade, you will have to develop your own method. Sign up for a simulated account that lets you enter the complete trade: with stops and profit target to make it basically automatic once entered. That will eliminate much of the emotional mistakes. Don't switch to real funds until you have an actual edge and your system of trading consistently makes money. Oh, and while you could come up with a working method in a matter of months, the reality is it can take many years before reaching any consistent success, if ever. The failure rate is sky high and the odds are against you. Always keep that in mind.
For those who want to learn from attending trading courses, do a favour to yourself first. Ask yourself this question. What can you learn from these trading courses that cannot be learned from cheaper channels such as books and helpful online forum such as elitetrader, particularly so if the course charges thousands for a few days of training?
While there are many truths in what you say..one should never dismiss available options until thoroughly investigated and the risk identified. Consider this scenario! New trader/investor starts with $5k cash account..no margin. Picks a stock that has large institutional ownership with large daily volume traded...chances of it going bust quickly are less than a stock with none. Buys 1000 shares to start as price retreats from most significant high and has made over a 50% move down from MSH to MSL. Target is to buy and hold with averaging in for a decided target price..let's say the target price is $1.25. How much can the trader lose..what are the chances of losing all of his money.. how much should the trader target to make and what steps need to be taken once the trade is opened to limit risk and maximise returns?
You are all giving great advice. The reason I was interested in Technitrader course in because I would be learning a trading system right off the bat. If I was to read different books and watch videos online and such I would have to try and assemble a trading system or strategy on my own. It would take me longer to do and might not work as well as the Technitrader course.
If you buy that course you will regret it big time later on when you you find out that course is the same material you could have gotten out of the more popular trading books which you can pick up on Amazon used for under $10. And forget day trading.